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Wheat Exports Best this Year

Wheat sales come in at marketing year high

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Grains continued to drift lower overnight but got late-session buying interest from new export sales data. Outside markets saw the dollar reverse course early this morning and move into positive territory as did crude oil.

Egypt's state grain buyer GASC received offers from 13 suppliers at its wheat tender on Thursday. The lowest offer was for 60,000 tonnes of Russian wheat at $192.25/ MT (FOB). There was also a US HRW offer made at $197. Results for the tender are due later on Thursday.

A group of Israeli private buyers bought corn and feed wheat, all to be sourced from optional origins, in a tender that closed on Wednesday. Ton The tender had sought up to 85,000 tonnes of corn, 40,000 tonnes of feed wheat.

Soybeans took another shot at the $10.51 mark on the March contract marking the third session in a row the market has gone to that level but found little selling strength to push it thru.

US export sales this morning were impressive for wheat, with a marketing year high of 853,400 MT for the week for OC plus another 103,900 NC. Corn was also strong besting expectations by a wide margin while soybeans was inline with expectations.

Weekly Export Sales-

Actual Expected
Corn 1,391 700-1,000
Soy 665 450-650
Wheat 957 200-400

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